Exxon to plough USD 400 million into new oil tankers

(Arabian oil and gas) -- Exxon Mobil Corporation's U.S. marine affiliate, SeaRiver Maritime has signed an agreement with Aker Philadelphia Shipyard for the construction of two new Liberty Class tankers valued at USD 400 million, which will create more than 1,000 direct jobs.

The double hull vessels will be used to transport Alaska North Slope crude oil to U.S. West Coast destinations and will be built to include the latest navigation and communications equipment and exceed current environmental and energy efficiency standards.

⌠This project is a reminder of the importance of America's energy industry during the current challenging economic times, Andrew P. Swiger, ExxonMobil senior vice president, said at a ceremony attended by Pennsylvania Gov. Tom Corbett.


Mott MacDonald completed ESIA for gas and petrochemical project by Uz-Kor Gas Chemical

(Plastemart) -- Mott MacDonald has completed an international environmental and social impact assessment (ESIA) and environmental and social management plan for the biggest gas and petrochemical project being developed by Uz-Kor Gas Chemical in the Commonwealth of Independent States (former Soviet Union). The Surgil Gas and Petrochemical Complex project in Karakalpakstan will include the development of the Surgil gas field and a state-of-the-art gas chemical complex that will produce natural gas and petrochemical products such as high density polyethylene (HDPE) and high density polypropylene (HDPP). The facilities will include new 115km pipelines for gas and condensate. Mott MacDonald has been instrumental in supporting Uz-Kor with meeting international environmental and social requirements as it seeks to obtain financing for this USD 4.1 bln project from the Asia Development Bank (ADB) and a group of commercial lenders being led by ING.


Russian producers announced increased prices of DOP plasticizers in October

(MRC) -- Devaluation of the ruble (RUB) against dollar (USD) as well as suspension of production by the Russian producers resulted in increased prices of DOP plasticizers in October. Russian DOP went up, on average, by 3.000 - 4.000 RUB/t, according to ICIS-MRC Price report.
Limited offer of DOP in the Russian market along with RUB devaluation became the main reasons for price hike. Separate Russian producers of DOP announced price increase up to 74.000 - 78.000 RUB/t, including VAT, FCA. As pet market experts, this is a last price increase for the domestic market. In November the price decrease is possible under the pressure of seasonal reduction of demand and stable work of all Russian producers.

As per MRC analyst Sergey Karajchentsev, limited offer of DOP in the Russian market is caused by suspension of two enterprises: Gazprom neftehim Salavat and Plant of plasticizers in Roshal (Moscow region). The first suspended its DOP capacities yet in July, production resumption is planned for 15 October. According to unofficial information, Plant of plasticizers in Roshal also suspended its capacities for one week maintenance.


ABS and SAN resins values in Asia tumbled to their lowest levels this year

(ICIS) -- Acrylonitrile-butadiene-styrene (ABS) and styrene-acrylonitrile (SAN) resins values in Asia tumbled to their lowest levels this year because of weak demand from the key Chinese market, and amid declines in raw material prices, industry sources said on Tuesday. Spot values have been on a downtrend over the past two months, plunging below USD 2,000/tonne (EUR 1,520/tonne) CFR (cost & freight) northeast (NE) Asia for the two resins products in the week ended 30 September, according to ICIS.

The Chinese market is closed for the week-long celebration of its National Day on 1-7 October.
Demand for China-made products has been soft as its major export destinations, the US and Europe, are struggling with a persistent weakness in its economy and a mounting debt crisis, respectively. This translated to lower consumption of resins.

Meanwhile, declining feedstock prices have also weighed on ABS and SAN values. Key feedstock styrene monomer (SM) prices slipped below USD 1,350/tonne CFR China this week, down from above USD 1,500/tonne CFR China a month ago, according to ICIS.


In USA September contract price fell after decline in spot values

(ICIS) -- US ethylene contracts for September settled at 54.50 cents/lb (USD 1,202/tonne, EUR 902/tonne), down by 1 cent/lb from August, market sources said on Monday. The fall in the September contract price follows a decline in spot values of over 20% for the month as a whole.
Market participants had expected ethylene contracts to drop in September, but only slightly, after a surge in ethane prices last month largely offset a 22% drop in ethylene spot prices. Spot prices for prompt deliveries were assessed on 30 September at 49.00-50.25 cents/lb DEL (delivered).